BaFin imposes a €3.8M fine on Varengold Bank AG for major AML/CTF deficiencies, including poor risk analysis, weak IT controls, and CDD lapses, especially on Iran-linked transactions

Additionally, from June 2023 to March 2025, the bank systematically failed to report suspicious transactions within the required timeframe. BaFin has mandated Varengold to implement corrective measures and submit regular progress reports. The enforcement actions are final and binding as of September 2, 2025…